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Kids Put Working Parents In A Financial Black Hole

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Companies are being urged to expand support for working parents during the school holidays after research found families with two children will have to pay out an extra £2,500 to keep them entertained and looked after during the summer holidays. 

More than £500 of that will be spent on each child for days out and activities like sports clubs, according to research by Nous.co, an intelligent assistant that saves households money on their bills. 

Another £204 will go on extra childcare during the six-week break, £297 on food treats like meals out, and £263 on shopping trips to keep them entertained – a total of £1,265 per child. 

The study also found that one in three parents are having to cut down on outings and activities this summer because they simply cannot afford it. 

Greg Marsh, CEO and founder of Nous.co, called on employers to do all they can to help staff parents struggling with rising costs: “Working parents are dealing with high food prices, energy bills and mortgage payments.  

“Whereas in previous years they may have had the spare cash to spend on their kids during the summer break, nowadays every penny is likely to be spoken for. The next few weeks are going to be tough for a lot of parents. 

“Employers need to do all they can. They can look at being flexible with working hours and working from home and also try to ease the financial burden with extra benefits for their employees” 

The findings come as Nous.co has partnered with several major employers to provide their staff with its household bills management service as a workplace benefit via Nous for Business.  

The service offers a way for HR departments to save their employees hundreds of pounds a year. Nous saves money and time by managing services including energy, broadband and mobile, finding fair deals for its members and handling all the hassle of changing providers. 

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